WALTHAM, Mass. - Revvity, Inc. (NYSE: RVTY) reported third-quarter earnings that surpassed analyst estimates, driven by strong performance in its Diagnostics segment. The company also raised its full-year earnings guidance, signaling confidence in its future performance.
For the third quarter ended September 29, 2024, Revvity posted adjusted earnings per share of $1.28, beating the analyst consensus of $1.13 by $0.15. Revenue for the quarter came in at $684 million, slightly above the analyst estimate of $679.67 million and representing a 2% YoY increase both on a reported and organic basis.
The company's Diagnostics segment was the primary growth driver, with revenue increasing 6% YoY to $383 million. In contrast, the Life Sciences segment saw a 2% YoY decline in revenue to $301 million.
Prahlad Singh, president and CEO of Revvity, commented on the results: "We performed well during the third quarter with a return to positive revenue growth, strong margins, and another period of excellent cash flow."
Looking ahead, Revvity raised its full-year 2024 adjusted EPS guidance to a range of $4.83 to $4.87, up from the previous outlook and above the analyst consensus of $4.75. The company also updated its full-year revenue guidance to $2.75-$2.77 billion, reflecting recent changes in foreign currency exchange rates and assuming 0% to 1% organic growth.
In a move that could potentially boost shareholder value, Revvity's Board of Directors authorized a new two-year $1 billion share repurchase program, replacing the remainder of the existing program announced in May 2023.
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